The machine condition monitoring market is expected to grow at a CAGR of 6.7% during the forecast period

The machine condition monitoring market is estimated to grow from USD 2.38 billion in 2018 to USD 3.50 billion by 2024, at a CAGR of 6.7% between 2018 and 2024.The growth of the market is driven by factors such as the development of a secure cloud computing platform, increased use of wireless communication technology for condition monitoring of equipment, and inclination of end users toward predictive maintenance. However, the lack of trained technical resources for data analysis hinders market growth.

Cloud deployment is expected to witness a higher CAGR during the forecast period

The market for cloud-based machine condition monitoring solutions is estimated to grow at a higher CAGR during the forecast period because it offers elasticity required for the data and computational resources significantly at a low cost. One of the major advantages of cloud-based solutions is that it helps enterprises to understand the real-time condition of their assets from a remote location. Further, the initial investment and the maintenance costs are reduced as nothing has to be stored on premises.

The market for the automotive industry is expected to witness the highest CAGR during the forecast period

The global automotive industry is emphasizing on automating and upgrading assembly lines, which require motor monitoring. Motor current analysis helps reduce machine failures and extend the life of machines. The automotive industry is witnessing significant growth in the number of units produced per day. The machinery on the production floor is required to be maintained properly to minimize the production cycle and increase the production output, thereby resulting in high adoption of machine condition monitoring solutions in the automotive industry.

North America is expected to dominate the machine condition monitoring market, while APAC is expected to grow at the highest CAGR during the forecast period

North America held the largest share of the machine condition monitoring market in 2017 owing to the presence of major machine condition monitoring vendors and high focus on optimum asset utilization; increase in stringent government regulations at workplaces with regard to personal safety; and rise in requirements to control and assure quality in oil & gas, chemicals, and food & beverages industries are driving the demand for machine condition monitoring systems in North America. Factors such as rapid industrialization, high adoption of predictive maintenance tools, and competitive pressure to achieve operational efficiency are fueling the growth of the machine condition monitoring market in APAC.

Given below is the breakdown of the profile of the primary participants in terms of different parameters considered while studying the report:

In this report, various segments such as monitoring techniques, offerings, deployment types, monitoring processes, industries, and geographic region have been covered. It also discusses the drivers, restraints, opportunities, and challenges pertaining to the market. The report gives a detailed view of the market across 4main regions: North America, Europe, APAC, RoW.

Reasons to Buy the Report:

This report includes the machine condition monitoring market sizing in terms of value based on monitoring techniques, hardware and software offerings, deployment types, monitoring processes, industries, and geographic regions, along with respective countries.

The major drivers, restraints, opportunities, and challenges related to the machine condition monitoring market growth have been provided in detail in this report.

The report includes illustrative segmentation, analysis, and forecast for the machine condition monitoring market.

For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…

Fiber optic connectors are a substantial fragment of the global telecommunication industry. Optical fibers are joined using fiber optic connectors, which allow the light conduction between two consecutive optical fibers. An additional im…

The global optical imaging system market is predicted to reach US$ 3 billion by 2024. It is expected to grow at a stable rate and will post a CAGR of more than 8% in the coming years. The growing market infiltration of digital …

The global pet care market is foretold to improve in the forthcoming years as matched to the preceding years and will showcase better sales in various market segments. It is estimated that the global pet care market will grow at a CAGR o…

China has arisen as the globe’s firmest developing economy. In addition, China brags about the biggest population pool in the world. In recent times, the one child policy in the republic was terminated. This is anticipated to upsur…

Fiber optic test equipment is a special type of optoelectronic instrument which are used to evaluate the major performance aspects such as power, faults, quality in various fiber optic devices, fiber optic cables, components, and systems. These devices are also used to measure and test entities such as absolute power, reflections, efficiency, noise distortions, and time in various fiber optics applications. Growing demand from telecommunications industry in developing nations is expected to be o......

Calibration is a service carried out to compare the performance of a field device/instrument against the standard specifications. It identifies the fault of the instrument, reduces the downtime of an instrument, and enhances productivity. Calibration services are one of the most important services under instrumentation services, as they are a must for testing and maintenance devices. These services help to maintain precision and accuracy of devices, and record and rectify the deviations in perfo......

Ethernet is a network technology that connects a number of computer systems to form a local area network. Ethernet test equipment is used for verifying signal and link integrity of networks at all speeds.
The 10 GbE segment accounted for the major shares of the ethernet test equipment market. The increased demand and requirement for problem-free network connections will lead to the adoption of 10 GbE computer networking technologies in the ethernet test equipment market.
In terms o......

A network analyzer is an instrument that measures the network parameters of electrical networks. Today, network analyzers commonly measure s-parameters because reflection and transmission of electrical networks are easy to measure at high frequencies, but there are other network parameter sets such as y-parameters, z-parameters, and h-parameters. Network analyzers are often used to characterize two-port networks such as amplifiers and filters, but they can be used on networks with an arbitrary n......

Non Destructive Testing Services Market Insights 2019, Global and Chinese Scenario is a professional and in-depth study on the current state of the global Non Destructive Testing Services industry with a focus on the Chinese market. The report provides key statistics on the market status of the Non Destructive Testing Services manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.Overall, the report provides an in-depth insight ......

Vibration monitoring equipment is special equipment which can record and store the mechanical vibration and shock signal. It is typically defined as a means of preventing catastrophic failure in critical rotating machinery - such as power generation plant, larger pumps and main arterial conveying systems - and providing the data needed to accurately determine the optimal schedule for maintenance activities on this plant.
Scope of the Report:
This report focuses on the Vibra......

SoC test equipment is used by semiconductor manufacturers to test the SoCs before final packaging to ensure fault-free production of chips. SoC testing helps detect fabrication errors, timing faults, and electrical interferences. SoC test equipment helps semiconductor manufacturers increase the production yield by high throughput and high parallel test capabilities.
IT and telecommunication segment accounted for the majority market share during 2017 and will continue to dominate the marke......

The global Water Analysis Instrumentation market will reach Volume Million USD in 2017 with CAGR xx% 2019-2023. The objective of report is to define, segment, and project the market on the basis of product type, application, and region, and to describe the content about the factors influencing market dynamics, policy, economic, technology and market entry etc.
Based on products type, the report describes major products type share of regional market. Products mentioned as f......

The 'Global and Chinese Oscilloscope Probes Industry, 2013-2023 Market Research Report' is a professional and in-depth study on the current state of the global Oscilloscope Probes industry with a focus on the Chinese market. The report provides key statistics on the market status of the Oscilloscope Probes manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry. Firstly, the report provides a basic overview of the industry includi......

SERVICES

Value for Money

We believe in "optimum utilization of available budget and resources". While servicing our clients' (your) market research requirements, we keep the same approach in focus to help you get the best value for your $$s.

Ever Growing Inventory

Ranging from the smallest feasible / required data (datasheets, data facts, SWOT analysis, company profiles, etc) to full research reports that help you make decisions, our inventory is updated almost on a daily basis with the latest industry reports from domain experts that track more than 5000 niche sectors.

One Stop Solution

Need a custom research report on medical devices market? Require all available business intelligence on 3D printing industry? Exploring F&B sector of a particular country/region? RnRMarketResearch.com is your one-stop-solution to all market intelligence needs. We not only offer custom research and consulting services, we also "bundle" reports to meet your needs and help you fetch the data analysis you require for your business.

Dedicated Client Engagement

Not limited to only "finding" relevant reports for you, our client engagement team dedicates its efforts to understand your "business need" and accordingly maps available research data to help you move forward. Call "your" client engagement executive any time of your day and get your questions answered in order to make the correct business decision.

Saving Time and Efforts

Simply share your research requirement details with us and let us do all the hard work to find required intelligence for you. When you add up our "one stop solution" and "dedicated client engagement" services mentioned above, you obviously know the time and effort saving you do by working with us.

Payment Flexibility

Working with Fortune 500 organizations, we understand the importance of being flexible for payments. Share your payment terms with us and we will surely match up to them to ensure you get access to required business intelligence data without having to wait for the payment to be done.

Post-Purchase Research Support

Have questions after reading a report / datasheet bought through us? Not sure about the methodology used for data available in the research? Talk to us / Share your questions with us and if required, we will connect you with the analyst(s)/author(s) of the report(s) and ensure you get satisfactory answers for the same. Need more data / analysis / report(s) on the topic of your research/project? The RnRMarketResearch.com team is here for you 24X7 to support you with your post-purchase requirements.
Subscription Offers & Packages (Get in touch with us for more details - sales@rnrmarketresearch.com / +1 888 391 5441 )